Gao to hand over the reigns to Li at CIC
22 January 2014
Category: News, Asia, China
By Asia Asset Management
Chinese sovereign wealth fund (SWF), China Investment Corp (CIC), has reportedly named Chief Investment Officer Li Keping to succeed Gao Xiqing as the fund’s vice chairman and president, according to a report from China Securities Journal.
As China’s official retirement age is 60 for men and Mr. Gao turns 61 this year, he is obligated to relinquish his post.
Established in 2007, CIC is mainly engaged in managing the country’s national savings. According to the figures from SWF Institute, CIC was ranked the world fourth largest SWF in 2013 with total AUM of around US$575.2 billion.
According to CIC’s latest annual report, the fund achieved annual returns of 10.6% for overseas investments in 2012 and cumulative annual returns of 5.02% since its inception.